Minesto books loss despite revenue boost

Swedish tidal energy player, Minesto, has reported an increase in net revenue of 22% for the year 2015.

In 2015, Minesto’s net revenue increased from $1.53 million (SEK 12.4 million) in 2014, to $1.87 million (SEK 15.2 million), corresponding to the total of 22%.

This was primarily due to capitalized work on own account, Minesto informed.

However, the company’s net loss widened for some 40%, from $1.13 million (SEK 9.2 million) in 2014, to $1.9 million (SEK 15.5 million) in 2015.

Minesto stated that this was largely due to development costs, including, among other things, depreciation of assets, personnel costs, and consulting services.

The company said it would remain focused on the product development and commercialization of its Deep Green technology in 2016, with planned activities that include 1:4 scale real sea testing, in parallel with the work on the full-scale model.